Date issued: 4 July 2011 The Centro Case has shone the spotlight on the duties of directors after the court found in favour of the Australian Securities and Investments Commission (ASIC) and ruled that the directors breached their duty of care in the preparation of the company’s financial statements. As the reporting season begins, members who are directors, chief financial officers or who are involved in preparing financial statements, will need to carefully consider the key messages in this
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Unethical Behavior Analysis ACC/291 Unethical Behavior Analysis “The Sarbanes-Oxley Act of 2002 was intended to improve corporate governance and increase the transparency of financial audits” (Cosgrove, 2006). This was an effort to help curb unethical behavior in the corporate world. The effort was worth it, considering that “that 18% of employees perceived their companies as having a strong ethical culture - more than double the 2007 rate” (Bannon, 2010). This still
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Controlling Sustainability is important to every company to continue their business. Samsung Electronics has established a lot of methods since in order to maintain accomplishment in the electronics industry in this technology competition era. Commitment to Human Resources “A Company is Its People”, was one of the management philosophies of the late founding Chairman Byung-Chull Lee. Attracting and developing the best people is an advantageous position for Samsung in an era of technology competition
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those who want to bribe or make secret deals (Cuilla, 2011). If history has taught us that ethics in business are important, why is it so hard to follow? This writer believes that there needs to be some changes to how ethics are viewed in the corporate world. For some, ethics seems to be an option if it means an increase in profits. Who cares if people are misled, if it increases the bottom line? Corporations need to understand that ethics is not something that they have when
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edu/2010/08/reforming-corporate-america/ ARTICLE SYNOPSIS This article discusses the Sarbanes-Oxley Act and how it was formed. Sarbanes-Oxley Act is named after U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH) who sponsored it. Under the guidelines of Sarbanes-Oxley Act, top management must now individually certify the accuracy of financial information. The need of this act came about after the markets crash in 1929. Congress began looking into corporate fraud in the
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The Hongkong and Shanghai Banking Corporation Limited Annual Report and Accounts 2012 THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED Annual Report and Accounts 2012 Contents Financial Highlights ........................................................................................................................................... Report of the Directors ...........................................................................................................................
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Corporate governance refers to the system by which corporations are directed and controlled. The governance structure specifies the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors, managers, shareholders, creditors, auditors, regulators, and other stakeholders) and specifies the rules and procedures for making decisions in corporate affairs. Governance provides the structure through which corporations set and pursue their
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The CIO position first appeared early in 1980 it was a response to the inescapable future utilization of information technology in organizations and the development of the information economy. The CIO position gradually became more influential as IT increasingly played a more central role in business processes and overall strategy” (CIO2).The Chief Information Officer also known as the (CIO) is a profession often given to the most senior executive of an organization that is responsible for Information
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Chapter 1: 1-2) Would the role of the financial manager be likely to increase or decrease in importance relative to other executives if the rate of inflation increased? Explain. During times of increasing inflation, the role of a financial manager is likely to increase mostly due to the broad areas of expertise a financial manager is capable of handling. Even in other areas of business such as management, marketing, accounting, information systems and economics, financial managers are able to provide
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ICMR Case Collection C op y ICFAI Center for Management Research ot Governance Issues at the New York Stock Exchange N BECG 035 D o This case was written by K. Subhadra, under the direction of Sanjib Dutta, ICFAI Center for Management Research (ICMR). It was compiled from published sources, and is intended to be used as a basis for class discussion rather than to illustrate either effective or in effective handling of a management situation. 2004 ICFAI Center
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